“This report is very welcome and we hope it will encourage organisations to be more proactive in supporting customers who are vulnerable. There is a real opportunity here for the financial services industry to take a lead in this crucial area, and set an example for other sectors to follow.

“We are pleased that many organisations have already taken positive steps in this direction – in 2014 the Money Advice Trust provided more training on dealing with vulnerable customers than ever before. Thanks to the FCA’s useful publication, the sector now has a greater understanding of how to improve this work further.

“We look forward to working with the regulator, trade bodies and others in the financial services industry to ensure that vulnerable customers receive the support they need."